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Reply #31


Response to Tansy_Gold (Original post)

Tue Jan 17, 2012, 07:02 AM

31. U.S. Steps Up S&P Inquiry MORTGAGE FRAUD

http://online.wsj.com/article/SB10001424052970203721704577156963813900028.html?mod=dist_smartbrief

Federal prosecutors are stepping up their probe of Standard & Poor's financial crisis-era ratings of troubled mortgage securities, according to former analysts questioned by prosecutors and another person familiar with the situation.

The probe is focusing on whether the firm's managers ignored its own standards when assessing the mortgage products in an effort to cater to banking clients eager to sell the securities, according to the former S&P analysts.

At least five former S&P analysts have been contacted by Justice Department officials in recent weeks as part of a civil inquiry into the McGraw-Hill Cos. unit, these people said...

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